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Nicolet College - Nicolet board finalizes 2010-11 budget


Nicolet board finalizes 2010-11 budget

 

Posted Monday, Oct. 25, 2010

The Nicolet College Board of Trustees finalized the 2010-11 budget at its October meeting, leaving the mill rate of 1.11 unchanged from budget action in June.

A loss of revenue from decreased final property valuations will be made up from sources including increased enrollment and unfilled positions. The Board of Trustees approved a 2.02 percent levy increase, down considerably from the 3.09 percent proposed in June.

“We worked very hard to balance the budget and still effectively serve the increased number of students attending Nicolet,” said Bob Martini, board chair. “We know these are difficult times in the economy. We see it every day in the increased number of students who have turned to Nicolet to learn the new skills necessary to return to gainful employment.”

The number of students attending Nicolet is up over the past two years. Last year the college experienced a 12 percent enrollment increase and this year another 6.7 percent was added to that.

Increased enrollment brings increased revenue, but the tuition and fees students pay only covers about 16 percent of the actual cost of their college educations, leaving the college to find ways to make up the difference, Martini noted.

The total 2010-11 budget for the college will be $33,818,159 – a 0.6 percent increase over last year. The total levy will be $20,465,789.

The mill rate is made up of two components: operational costs and debt service. The combined 1.11 mill rate for Nicolet is one of the lowest of all 16 technical colleges in the state. Under Wisconsin law, technical colleges have the authority to levy an operational mill rate up to 1.5. Nicolet has an operational mill rate of 0.98.

“Nicolet’s low mill rate, two-thirds of the maximum, is a testament to how serious the college and board are to keeping taxes in the district as low as possible,” Martini said.